GAP Protection is valuable coverage offered to car buyers as part of the auto
loan process. GAP is a coverage that pays the difference between the actual cash
value (ACV) insurance company settlement and the eligible balance of the
member's loan in the event the vehicle is stolen or damaged beyond repair.
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- Protect Your Credit
- New/Used Vehicles
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- Covers Losses Your Primary Insurance May Not
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| What causes the GAP? Consider the following example: |
| Loan Balance |
$26,700 |
| Fair Market Value |
$21,000 |
| Insurance Deductible |
-$1,000 |
| Insurance Settlement |
$20,000 |
| The “GAP” |
$6,700 |
Here's how GAP happens...
- The buyer secures a loan for a vehicle; in the first two or three years the vehicle depreciates in value faster than the loan balance declines.
- The vehicle is totaled in an accident, or is stolen and unrecovered, the car buyer's insurance company may pay only the actual cash value of the vehicle. The actual cash value may NOT pay off the balance of your loan.
- The buyer is left with a GAP, an unpaid balance they still owe to the lender. A large financial burden in the event of a totaled or stolen and unrecovered vehicle.
- It's that simple! GAP could cover your unpaid balance when purchase this unique coverage and finance with ChevronWest Credit Union.
- Furthermore, when you purchase an optional GAP "Advantage" plan you receive a benefit that pays an additional $1,000 toward the purchase or lease of a replacement vehicle if your vehicle ever becomes totaled or is stolen and not recovered.
What kid of vehicles can GAP cover?
- Autos, Non-Commercial Trucks and SUVs the original loan amount is unlimited.
What does GAP cover?
- $1000 auto insurance deductible reimbursement
- GAP coverage to $100,000
- Up to 150% of MSRP financing covered
- Up to 150% of NADA retail including add-ons
- Loan terms up to 84 months
- Coverage for all non-commercial one ton or less, four wheeled vehicles
- Pays the GAP difference between your loan balance and ACV Auto Insurance settlement when an unrecovered theft or totaled loss occurs, including your deductible up to $1,000
- PLUS, provides $1000 towards the purchase of another vehicle when financed with ChevronWest Credit Union.
What does GAP protection cost?
- A one-time fee of $175, and we can finance it with your auto loan!
Protect your family and make sure you fill the GAP! Cover your ChevronWest Auto Loans with Guaranteed Asset Protection—they'll be glad you did! For more information on how you can protect yourself and your vehicle, call
ChevronWest toll-free at 1-877-208-8364.
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